Sunday Rundown - March 28, 2021
Featuring Mark Cuban
Good morning!
Everybody’s talking about the Pi Cycle top indicator because it’s on path to cross within the next few weeks. Even if the Pi Cycle crosses, I sell only when my plans says to sell.
The entire market can drop 50-70% at any moment. That doesn’t mean we’ve reached the end of a market cycle.
This market peaks when a lot of people who care about crypto sell and a lot of people who don’t care stop buying. As a result, the bottom falls out—everybody who wants crypto already sold it, everybody who wants more government money decides they can no longer get it from buying and selling cryptos. New money dries up, old money flows out, and it takes a while to recover.
Every 50-70% drop from now until the peak only serves to strengthen and sustain the market.
How do I use the Pi Cycle?
As confirmation, not prediction, ideally combined with other indicators that reflect circumstance. We remain on course to peak next month, though if we can continue to see bitcoin’s price drop further or go sideways for a bit longer, that will change our course.
Make sure you caught my most recent update.
Read below for some interesting content.
Listen to Mark Cuban: The Billionaire Crypto Degen on Delphi podcast.
Cuban compares the internet bubble to crypto and talks at length about DeFi and NFTs. Pay attention to his thoughts on embedded royalties, a “game-changer” as he puts it.
Watch this CBS News video, What is an NFT? The trendy blockchain technology explained, covering Injective Protocol’s burning of a Banksy print (four weeks after it happened).
If you’re wondering what the “mainstream” think about NFTs, you’ll get it from this video, which features an exchange between an anchor who seems totally not interested in NFTs to a reporter who appears to live in the attic of his parents’ house. The reporter’s dog seems more interested in the story than either of the humans.
US Bitcoin Exchanges See No Major Uptick in Stimulus-Related Buying
Bottom line: people in the US aren’t buying crypto with their whole stimulus check.
My take: whatever. Money in is money in, whether from government stimulus or investors searching for a decent return on their investments (which they can’t get in traditional markets). Whether they spend their whole check, part of it, or none of it, that money will enter when it’s ready.
Why we care: because we don’t.
Relax and enjoy the ride!
The Mark Cuban interview was really interesting, thanks!